REGISTERED COMPANY NUMBER: 01327289 (England andwales) REGISTERED CHARITY NUMBER: 508985 Report of the Trustees and FiD4nci•l Stat¢m¢ttts for the Year EThd¢d 31 M•rch 2021 T0h Thutre Company Limited(fhe) Ashmole and Co. Chartered Certified Accounthnts and Statutory Auditors Williamston House 7 Goat Strtti Haverf0rdwf Pembroke5hire SA61 IPX AAJ4Z9L4 11112r2021 CQYAPANIES HOUSE A13
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Toreh Tbeatre Company Limited(The) Contents of the Financial Statements for tht Ytr Ended 31 March 2021 Pge Report of the Trustees Report ofthe Ind¢pettd¢nt AditOrS 10 10 12 stst¢men¢ of Flmgthelal Activities 13 B•lance Sheets 14 to 16 C*sh now Statement 17 Notes to the Cash Flow Statement IYote5 to the Financial Ststements 19 to 30
Torch Theatr¢ Company LimitedlThe) Report orth¢ Trustees for the Year Ended 31 Marck 2021 The trustees who are also direciors of the chariry for the pUTSeS of the Companies Ad 21Th. present iheir report with the financial 51atements of the charity for the year ended 31 March 2021. The trustee5 have adopted the provisions of Accounting and R¢portillg by Charities.. Statement of Recomtnended Practice applicable to charitie5 preparing their accounts in ac¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)(effective l January 2019). OWECTIVES AND ACTIVITIES The Torch Theatre exists 10: Create.... Engage Inspire Entertain The Torch Theatre Company engages, inspires entertains and challenges our audiences wilh a vibrant programme of work which celebrate5 th¢ ¢ss¢ntial power of live performance io promot¢ Sla1 and personal change. Through our education work, community engagemerti and volunteerprogramme we actively participate in prornoting arts and culture a¢r05s P¢mbrok¢shir¢, Wal¢s and beyond. Aim One- Cr¢at¢ We b¢li¢ve that creating a working ¢nvironment that encourage5 collaboraiion and creativity enables artists and Staff to b¢ fully self-expressive. Creativity and innovation are valued in all aspects of our organisaiion. We will Continue to strengthen our leadership Tole in the arts community of Pembrokeshire and enhance our reputation as a county of creativity by fomjing partnerships and ¢ollaboration5 with other venues and arts disciplines. We will uphold our covenant as a no¢-for-profil institution by king reliable stewards ofthe public trust and resources provided to us by our fijnding bodies. We will always act in a financially responsible manner whilst Striving to increase self- gen¢rat¢d income through Creative and innovative ways. Aim 2 - Engage We seek to insiill all peopl¢ a respeci and appreciation of the perfonning arts by ¢omrnunicating at th¢ highest level of ex¢ellence and drawing on the strength of (he diyersiry and trJditions of our wmmunity. We seek to broaden our audiences through the programming choices we make, by keeping ticket pric¢5 as keen as TM)ssible and by making manifest our ambition to be bold. challenging and accessibl¢. W¢ develop policies which will support the mosi vulnerable and disadvantaged sectors of sociery wilh their engagement, and b¢nefit from. the Arts. Aim 3- Inspire We beli¢ve in offering arts educational programmes that are inclusive and that promole lifelong learning to a diverse community, ¢n¢ornpassing all ag¢5 and backgrounds. We are committed to the training and support of fiJDJre arts professionals with an emphasis on enhancing our partn¢r5hhp5 with training inslitytion5. We provide encourag¢meni for all leve15 of volunteer involvement and recognise these contributions as crn¢ial to the success of the Torch Th¢atre. W¢ a150 aim to provide a supwrtive environment for amateur ¢ompanie5. wh¢r¢ ¢veryone is welcome regardles5 of skill, ability or background and to receiv¢ the appreciation their ¢ffoTts deserve. Page I sltsnule
Toreh Theatre Company Liwiifd(The) Report of the Tru$te¢s for the Year Ended 31 March 2021 Aim 4- Entertsin We will programme to the highe$t sthndards by attracting the best produ¢tion$, film5 and artists available io us. The chariry embraces the general aim of contributing io the quality of life for people living in the county of Pembrokeshire and for visitors io the county- It aim5to preseni adiverse anislic progrdmrn¢ which 15 challenging, ¢nt¢rtaining. artd acce55ibl¢. The charity tnaintains a popular programme which is designed to underpin its financial obje¢liv¢5. We hav¢ r¢ferr¢d to the guidance contsined in the Charity Commission's genernl guidance on public b¢nefi¢ when reviewing our aim5 and obj¢¢tive5 and in planning our futt]re activities. In panicular. the mjstees consider how planned activicies will ¢ontribut¢ to the aims and objectives they have set. Our pricing policy reflects our aim of enabling all wiihin our ¢ommuniry to attend live performances and films ai the Theatre. and a wide range of conce5sionary price5 are offered. To achieve the charitys objective5 the following strategie5 are employ creating OPPOTtyniti¢s for local residents, particularly young people. to engage in arts activity organi5ed by theoharity in¢luding youth th¢atre. summer school, work experience placements. education projects in schools andcolleg¢s' provision of facilit1¢5 and professional 5UPPOrt for amateur and professional artiss io develop. Amateur groupsare given profe55i0nal advi¢e on producing stage pr(xluctions; programming perfornianc¢s and films which appeal io slf1¢ market segments. for example young people.famili¢s and older people,. offering a range of ticket pri¢¢ discounts to provide io organised groups. young people. disabledpeople, familie& unemployed a1 older people; provision of attractive. accessibl¢ and inforniative pr(qnotional mat¢rial by way of leafl¢ts. brochures. e-flyers and a bilingual website- providing facilitie5 to imFWV¢ a¢¢¢ss for disabled cuMom¢r& including induction loop and infra-red hearin8Sysiems, subtitled screenings for films and BSL p¢rfornan¢¢s: and the use of e-rnaTketing for a Tange of 5¢Tvices through the theatre website Activities The major areas of activity managed by lh¢ ¢harity are the prtsjuction of plays and musical Iheatre. touring of rheatre produrtions to venues in Wales and beyond, s¢re¢ning mainstrearn and independcni filrns. display of artworks in the8allery. bar services, education projects, and buying in a range of professional perfom)ance5 to provide a wide rangingprogramme. Key components of the charity's programme and as a pl*fomi for community activity are as follows: produciion of professional plays, musical theatre and a Christma5 production by the Torch Theatre Cornpany to playal the Torch Theatre, and tour to venu¢5 in Wales as appropriate and flnancially viable: a bought-in programme of events including popular music. music, light entertainment, Ope contemporary dance. ball¢t, plays, musical theatre. non-western art forn)s, and cornedy. presentslion of films througIllt the year. amateur productions by group5 in¢luding Haverfordwe5t Amal¢ur Op¢rati¢ Society and Milford HavenAmateur Operatic Society. Xenon Liberal Arts. Touch and Go and Arti81i¢ Li¢en¢e' hire of the theatre events. dance classes. ¢on¢eTts and ¢onf¢r¢nces" Page 2 As1)mole
Torch The#tre Comp•ny LImItedbe) Report of the Trustees for the Year Ended 31 Marcb 2021 educational projects involving I] primary and s¢¢ondary schoDl$, colleges and universities in P¢mbrokeshire. Camarthen5hire and Cardiff. Projects are devised in conjunction with education prof¢s5ion&ls and d¢sign¢d to support curriculum activiiie4 as well J5 d¢v¢loping careers awar¢nes5 and th¢ life skills of individualparticipants- participatory arts activity for young people including one-off drama workshops, weekly youth theatre and junior youth sessions and an annual Summer School: provision of a gallery to display professional work by visual arts practirioners. provision of a cornrnunity choir (Torch Voices).. and proyiding volunÉ¢¢r oppDrlunities for more than 80 local people who welcome visitors to the theatre, provide infomiption 5¢11 prograTnmes and support the marketing team's activity- This saves the theatre a considerable amount of money each year li[nated in 2019120 at £70,0pa (2018119 £70.OOOpa). Just as importantly it allows volunteers to engage in the life of the theatre and to gain a better understanding of 115 activilies. Due ro the inherent uncenainty of estimates. these figur¢s havc not b¢en incorpordted into the Financial Staiernents. All the above activities were significantly impacied in 2020121 by the enforced closure of the theatre due io the on-going covit%19 pandemic. ACHIEVEMEPIT AND PERFORMANCE During 2020121 the charitys achievements were very diff¢r¢nt to previous y¢us, where the f¢xus had been on ticketed anendances and the diverse programme of aciiyiry. In thi5 unprecedented year, achievement and p¢rforynanc¢ included.. successfully applying forCOVID-19 related grant funded income{£603.247) to off-set the almost complete loss of earned in¢ome durin8 lh¢ y¢ar. successfully completing essential repair and mainienance WO including repair of the fly tower. whith in¢lud¢d an extensiort io the west-side of the tower of ihe 2017 art light installation. During the early period of lockdown. our skeleton 5tsff made admtrable (and very successful) attempts to continue to engage with our audiences with a number of makeshift iniliaiives given that our venue was c105ed and all nomial routes of engagement were not possible. For example. our Community Choir (Torch Voic¢5) transitione41 into a weekly virbjal Onlhne Choir. with a spin off 'singalong' reaching over 40.(K)O people on Fa¢¢book. Our Youih Theatre (over 150 members under th¢ ag¢ of 19). traft$fetd online, ¢reatin8 a filTn about their experiences of lockth)wn. Each week. they rele&sed the Lock Down Diaries. the perwnal experiences of living through those first unprecedenled times a5 a young rnember of society. Our Summer khool also went online in 2020 before a number of face-ttrface sessions in the Autumn tem prior to lockdown being re-introdue¢d. These positive engagements provided invaluable outlets for all participants acknowledging howev¢r, Ihat we were unable io fully replicate the communal experience thal is essential to our objectives. Anoiher significant and wide•reaching achievement has ert our own production= The Pembrokeshire Siory. Early in the first lockdown, an idea had been forn]ed around a poieniial project with the initial concept being'if our audien¢e can't come to us, we will go to them-, and 'if we canl create as we'd like to. we'll get them 10 create something themselves.. W¢ planned to ask people to simply tell their stories. however, wirh grant support we expanded the project. We employed Iw¢lve local freelance artists. along wilh groups of Pembrokeshire people. some with proiected ¢haraaeri5tlC5. to interpret over 70 stories in a variety of ways. The siories were filmed and have been projected onlo iconic landmarks around ihe County and will conclude with the content created in lockdown being held online in a living archive and showcased in an exhibition in the theatre itself, both launching in oober 2021. During the project we also engaged with the refugee5 housed in Penally Camp although th¢ camp c105¢d before we could really work in any d¢tail with the refuge¢5. W¢ will Page 3
Torcb Theatre CoJDp4ny Limited(fb¢) Report of the Tru5tee5 for tbe Year Ended 31 March 2021 however. be mounting an exhibition of their art Work ¢re*ed in ]kdOWnal0ngsjde The Pembrokeshire Siories exhibition. The projecL from very simple beginnings h&5 been extremely successfijl. engaging communities across the County in Welsh. English and BSL and supporting th¢ l(vl Arts ecology. Throughout lockdown. we also showcased the work of freelancer5 and We15h ¢re#tives through ottr social Media channels to support them and to encourage our audi¢nce to connecr wilh the high level of work that was being prodLtced. Artists and Projects supported includ¢d.. Christian Patterson's Isolalit)n Nalion. Owen Thomas, Isolwiopuhip- Theatr Na Nog's Nye L7nd Jennie. Chippy Lane Productions; Natiorjal Theatre Wales" and Flying Bridge Theatre; Theatr Clwyd's ¢o- production The Piaure ofDorian Gray and the Theatr Genedlaethol Cymru production Prydmoe'r W¢ also worked with National Th¢atye Wales, presenting elements of The Pembrok¢shire Siory along5id¢ their film production of Go Tell The Bees, and providing ie¢hni¢al support for the ouidoor showings in ManorbierCastl¢. We responded to ihe loss of our paniomime wilh the creaiion of a Grotto * the theatr¢ ond fr¢¢ Zoom ¢alls with Santa for 100 families who had Ikked tickets for our 2020 pantomime. During lockdown. online streaming proved to be v¢ry popular with many iheatre companies. We decided we would film the Torch Theatre Produclion of The Wood and in the process. train our technical Staff. to 115¢ camern5, to edit the filtn. knowing chai they would all b¢n¢fit in the long term from these addiiional skills. Filming took place in F¢bruary 2021 in an isolated production bubble, with the film being streamed for ten days from 22 June 2W21 with tickets availablc from eight differeni W¢15h venu¢s engaging with audiences across Wales. W]Jile we would not Usually b¢ in 4 p05ilion to cornmi55ion significant new works. lockdown proYid¢d an opportunity for us io do so, commissioning a local emerging writer and undertaking ihe development of a new play N¢st. about the lif¢ of Princess Nesr. An R&D took place in May 2021 featuring an all-ftmale ensemble working in We15h and English. The ¢on¢¢pt had beer] to stage ihe play COVIEI9 safe ouidoors ai local Astles during the 2021 Summer. but venues w¢r¢ unable to confinn given the on-80ing uncertainty around COV1[19 restrictions. It is therefore iniended lo tour Nest irt Summer 2022. We also urtdertook an R&D of a play called Angel by Henry Naylor. Due to the success of the development period. we will now be producing Angel as our first in-hous¢ pr(Kluttion (October 2021) following the re0nIng of the iheatre in September 2021. Page 4 Ashmole &Co.
Toreh Theatre Company LimItedhe) Report of the Trustees for th¢ Ye4r Ended 31 Mreh 2021 FINANCIAL REVIEW Total income for the year at £1,207,335 was 21Y/• down on 2019r20, principally due ¢0 ihe alm05t ¢ompl¢t¢ 105s of tradin- and chariiable activities during the period due to the enforced closure of the theatre arising from the COVID-19 pandemic. Thi5 d¢fLfht would have beeT] far more significant had it not been for successful COVI[19 related grani application5 securing addilional inGorne during th¢ period of £603,247 whiGh included £175.087 claimed under the COronaviS Job Retention Scheme. Total income from grants and donations was £1.181.089, a 98 / increase compared with 2019120. Income from trading and haritable activities wa5 £26,180 down 97Y• compared with 2019120. In 2019r20, we reported that sales and associated expendiwre from the café, bar and kiosk were Comparable with 2018119 )nd that the reputation the café had developed added io the offering of the Torch but remained a focu5 financially to ensuTe it can operydte on a cost neutrdl basi%. Following support being provided by a café consultsnt (funded by the ACW Resilience Programme) a new café mod¢l had been planned for implementation in 2020r21. Enforced closure during ihe period of the building meartt thai while the opportunity has been tsken to remodel the layout of ihe café and kitchen area and implement the re¢omm¢nd¢d physical alt¢rntions contsined in th¢ café consuliani's repor[ it will not be until the ufé is fully operational, possibly noi until early 2022. that the recommended ¢afé m(yJel may be fullyimplemented. During the period. the Torch continued a successful relationship with ACW meering. where possible. agreed tsrget5 and ornmitting to the new Culttlfdl Coniraci for the funded Atts which builds on the Welsh Governmenfs existing economic ontra¢t (Jf fair WO and pay and *u$talrtabIlity and addrus a[c- Juch a5". Increased diversity and representsiion (including divefsiry of the Board) Greater involvement in and support for wider community initia¢iv¢s (including s14[ prescribing) Priorit15ing health and wellbeing in arts initiatives Environmental. Guliurdl and economic sustainability ACW remains the charity's principal funding partner with an annual revenue8rant of£452.522. an increase of Ioh on 2019120. A positive relationship also continued with PCC although &5 part of the 2020r21 Service Level Agreement th¢ annual grant was reduced to £50.000 a reduction of 3T/• on 2019r20 and due to decrease again in 202 Ir22 and 2022r23. Both ACW and PCC also provided rApitsl funding following domoge to the fly tower in F¢bnJary 2020. WILile a successful invurance claim ultimutcly col'crcd mo of thc COJI of the repoir ivorL.. thio wos not confirrn¢d unlil aftcr the closing djtc for application5 to the ACW Capitsl Projects grant and the PCC Enhan¢ing Pembroke5hir¢ Grant Scheme, which wer¢ submitted io support the capital project costs of this essential repair. Applications were submitted and supported with an initial grant award from ACW of £77,731 and PCC of £80,760. Once confiTmation of a successfvl insurance claim wa5 r¢c¢ived, the ACW grant award reduced 10 £14.524 and the PCC grant award reduced to £13.340. In addition, ACW agreed to fuDd th¢ extension to the west-side of the fly tower of the 2017 art lighting installation with a grant award of £9.446. Milford Haven Town Council also provid¢d a grant 01£7.0(Kl. a decre of30% on their2019f20 grani. The organisation has, since October 2014, tak¢n advantage of th¢ oprrfjrtunity provided by the Theatre Tax Relief Scheme. As a result of no Torch Theatre Productions tsking place during th¢ period, there will b¢ no claim mad¢ thi5 year. The aspiration of ihe trusttts has been to matntain Reserv¢5 at the highest l¢v¢l possible. The current obj¢ctive rernains, as recommended by the Charitie5 Commi55ion. to build up Reserves to meei thr¢¢ months, operating ¢05ts, circa £400,000. Although in the present uncertain economic environment retaining Reserve5 will continue to be challenging, through careful budget managemenL as at 3 1st March 2021, the chariW5 free Reserves (unreslricted. undesignat¢d reserves not committ¢d to fixed assets) stood at a surplus of £295.443 {220 defLClt of £7.699). Page 5 AS[01&.[",
Torcb Theatre Cornpany Limitedh¢) Report of the Tru5tee5 ror Ihe Year Ended 31 March 2021 At the start of 202 Ir22. applications opened for a second CulNral Recovery Fund grant with a su¢¢¢ssfvl award made of £226,802 10 rover the period April io SepteTnber 2021 which was esseniial to SUPFLJrt the organisation giytn th¢ continued enforced closure and Staggered re-opening thai ¢ommen¢ed of the theatre in Sepiember 2021. Fo¢us for the coming years remain5 to build our Reserves. widen ¢arned income. maximising the use of the venue and the diversity of what we can offer, as well as applying for additional funding through trusts and foundations. We rernain committed to our relationship with both Arts Coun¢il Wales and Pembrokeshire County Council and the partnership appn)ach we take in ensuring their continued supp)rt. SafeguaTding our artisti¢ production resources and capacity 15 Vital- we remain one of thtte venue-based producing theaires in Wale5 and this Can only be achieved if we continue io receive significanl grdnt fwiding support. The Torch'5 r¢s¢rves policy r¢mains in line with guidance issued by the Charity Commission. and the poli¢y will be reviewed on an annual basis following publication of the audited annual accounts. The policy 15 found¢d on th¢ following general principle5'. as a precaution against adv¢rse economic conditions and any subsequent decline in eamed income to provid¢ assuran¢¢ to funding partners and creditors regarding ihe economic viability and the stability of the company to provide assurance for member5 of the Committee of Management who make decisions on the operation ofth¢ theatre to provide assurance for member5 of staff #nd ¢0 those individuals and companies with whom we makecomrnitmentS for artistic projects. demonslrating the Torch Theatr¢ Compan$ reliability as an employer Pag¢ 6 A%lunolL
Torch Thea(re Comp8ny Limited(The) RepDrt of the Trustees Cor tbe Year Ended 31 March 2021 STRUCTURE. GOVERNANCE AND MANAGEMENT Governing Document The Torch Theatre Company Limited is a company lirnit¢d by gu4r4nt¢¢ gov¢rned by its Mernorandum and Articles of AssoCi10n dated 26 August 1977 and amended to allow for current goveman¢e arrdng¢ments by a spKial re501ution pass¢d on 18 Au8usI 2011. It is registered as a charity with the Charity Commission. Anyon¢ over the age of 16 may become a mefflber of th¢ trusi and there are currently 10 members. each of whom agrees to contribute £1.00 in the event of the charity windin8 UP. Appointment ofTrustees As Set out in rhe Articles of A550ciation. th¢ Chair of the trustees is norninated by the Torch Theatre Company trustees for a period of three years. Pernbrokeshire County Coun¢il nominate5 UP to 3 trustees, Milford Hav¢n Town Council nominate$ I trustee and the charity known a5 Milford Youth Malters (fomierly known as Milford Haven SLKial Servi¢¢ Centre) nominates I trustee. Nominees appoinred by Pembrokeshire County CouD¢il and Milford Haven Town Council are svbj¢¢t to the appointment processes of ihose bodies and the Buidelines laid down for 8ppoinTheni to public office as they apply to local government nominees. Trustee Induction and Traini2 New trustees undertake an orieniarion day to brief them on their legal obligations under charity law, the ¢onient of the Memordndum and Anicles of Aswciaiion. the committe¢ and decision making pr0¢¢55es, business plan5. development plans and details of financial perforniance of the charity. Trust¢¢s are encouraged to attend appropriate ¢xl¢m#l training events as well as in-house training events organised by ihe charity. Qrganisational S¢ru¢ture Th¢ board of trustees administers the charity. Following a review of governance in 2006, thR5 has been reduced from thE original maximum of 24 members to a target of around 15 member5, with 10 CUTren(ly in place. The board meets regularly, approximately every quaner. The Executive Director i5 appointed by the tnEStees to manage the day to day operations of the charity. To facilitate effedive op¢rations. the Ex¢¢utive Director has delegated authority Wlthin ternis approved by the trustees for day-to-day operational matter5 including fmance, employment and artistic matters. Related Parties The Art5 Coun¢il of Wal¢s (ACW), P¢mbrokeshire County Council and Milford Haven Town Council provide core funding for (he charity, in support of its artisti¢ programme. as an amenity for local residents and as a visitor attraction to Wales. Risk Managernent The trusiees have a risk management 5tr0tegy which covers op¢ratiortal and fmancial risks: an annual review of th¢ risks the charity may face e5tsblishment of system5 and procedure5 to mitigat¢ ihose risks id¢ntifi¢d in the plan implementation of prureS designed to minLrn15e any pot¢ntial impact on the charity should ihose risksmaterialise, in¢luding establishing # res¢rves policy Page 7 . Asl)mole .&Co
Torth Theatre Company Limiieil(Th¢) Report of the Trusttts for the Year Ended 31 March 2021 REFERENCE AND ADMINISTRATIVE DETAILS Charity Number.. 508985 Company Number. 1327289 Principal oifice.. St Peter's Road. Milford Haven. Pembroke5hire SA73 2BU Ashmole & Co. Chartered Certified AonI)nts and liegistered Auditors, Williamston House, 7 Goat Street, Haverftsrdwest SA61 1 PX Audiiors.. National Westtninster Bank Plc. Pembrokeshire Busine55 Centr¢. 18 High Street. Haverfordwest SA612DA Bankers: Soliciiors: Price & Kelway. 17 Hamilton Terrdce. Milford Haven SA73 2JA Dir¢ctors & Trustees The dir¢¢tors of the ¢hariiable company (the charity) are its trustees for the pur$¢ of charity law and thtrjughout this report are coll¢¢tiv¢ly referred to 18 ihe trusttts. The trustees serving during the year and since the year end were as follows.. Chair.. Carol Mackint05h (until 9th tk¢¢mb¢r 2020) (fom)erly Dr Carol Garrett) Cllr Rhys Sinnett (from 9th December 2020) Vice-chair. Cllr Rhys Sinnett (until 9th December 2020) KatrinJ Matsh (from 9th December 2020) Pembrokeshire County Council nominees.. Cllr Rhy5 Sinn¢tt Cllr Dr Simon Hancock Cllr David Bryan Milford Haven Town Council nominee.. Cllr Yvonne Southwell Milford Haven Youth Matters (fomierly known as Milford Haven Social S¢TVi¢¢ Centr¢) IMninee-. Vacant Elected trustees: Carol Mackint05h (fonnerly Dr Carol Garrett) Phillipa Dayies Dr Geoff Elliott (until 9th December 2020) Amanda Cunningham (urttil 21st (kiober 220) Katrina Marsh Sarah Hoss Nigel Sinnett Ann Ow5ton (from 16th June 2020) Page 8 Aslunol
Toreh The*¢re Comp¥Jny Limited(fhe) Report ol the Trusle¢s for tbe Y¢ar Ended 31 March 21121 Other offi¢ial5'. Company Secretary: Executive DiTe¢tor- S¢nior Manager- Busines$- Finance Officer.. Arts Council of wal Observ¢r- Mr Guy Woodham Mr Benjamin Lloyd Mr Guy Wotsdham Vacani Mr Henry R¢e5 EVENTS SINCETHE END OFTHE YEAR Infomiation relating to evenis since the end of th¢ year 15 given in the notes to the finan¢ial ststrments. STATEMENf OF TRUSTEES. RESPONSIBILJTIES The tn]st¢¢5 (who are also th¢ dirertors of Torch Theatre Company Limiied(The) for the purposes of company law) are responsible for pr¢paring the Report of the TTUStees and the fJnan¢ial statements in accordance with applicable law and United Kingdom Accounting Standards {Uni¢¢d Kingdom GeneTJlly Accepted A¢unting Praciice). Company law requires th¢ irustees to prepare financial 5ts1ements for each financial y¢ar which give a tru¢ and fair view of the sthte of affairs of the charitable company and of the incoming resource5 and application of resour¢¢s, including the income and expenditure. of the ¢haritable company for that period. In preparing those finaR¢ial statcments, th¢ tru5tee5 are requtr¢d to select suitable accouniing policies and ihen apply Ihem consislenily- observe the meihods and principles in the Charily SORP- make jlldgtmenis and eslitnaies that are reasonable and prudenl prepare the firtancial siaternenis on the going concern basis unless it 15 inappropriate to presume that the charitable ornpany will continue in business. The tTUSte¢s are responsible for keeping proper acwunting records which disclose with reasonable accuracy any time the -finan¢ial position of the charitable company and to enable them (o ensure thai ihe financial 5ts1ements comply with the '.Companies Aci 2006. They are also responsible for safeguarding the assers of the charitabl¢ company and hence for taking reasonable steps for the preveniion and detection of ftaud and other irregularities. In so far as the tDJstees are aware: there is no relevant audit information of whi¢h the charitable company'5 auditors are unaware. and the tru5t¢es have taken all stEPS that they oughi to have iaken io make ihemselves aware of any relevant audil information and to establish ihal (he auditors are aware of that infomaiion. AUDITORS A resoluiion will be pro[ at the Annual Gerteral Meeting on Wednesday 29th September 2021 to propose ihat audiiors, Ashmole and Co., be re-appointed a5 auditots to the charity for ihe ensuing year. This report has be¢n prepar¢d in o¢¢tydartce with th¢ special provisions of Part 15 of ihe Comparties Aci 2006 relating to small companies. Approved by order of ihe tx)ard of twst¢es on 2P Sewember 2021 and signed on its behalf by: Cllr R Sinne - Tnjstee Page 9 Ashmole &Co
Report of the Independent Auditors lo the Trustee5 of Torch Theatre Company Limited(The) Opinion W¢ have audited the financial Statements of Torch Theatre Company Limited{The) (the 'charitable company,) for the year end¢d 31 March 2021 which comprise the Statemeni of Financial Activities. the Balance Sh¢¢L the Cash Flow Ststement and notes to ihe financial ststements. including a summary of significant accounting policie5. The financial reponing framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements= giv¢ a true and fair view of the stale of the charitsble companys affairs 18 at 31 March 2021 and of its incoming resources and applicaiion of resources, including its income and ¢xp¢nditure, for the year then ended. have been properly prepared in accordance with UDlt¢d Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with lh¢ requirements of the Companies Act 2(X)6. Basis for opinion We conducted OUT audii in accordance with IntatIonal Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those stsndards are further described in the Auditors. respon5ibilitie5 for the audit of the financial statements section of our report. We are independent of ihe charitsble company in xcordance with the ¢thi¢al requirements that are relevant to our audii of the financial 5talements in the UK, in¢luding the FRC'S Ethical Stsndard, and the provision5 available for small eniiries. in the circumstances set out in nore 23 10 the financial statements, and we have fulfilled our other ethical responsibillties in arrordance with ihese requirements. We believe rhai ihe audit evidence we have obtained 15 sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going eoncerTr In auditing the financial ststements. we have concluded that the trustee use of the going con¢¢rn basis of accounting in the preparation of ihe financial statemenis is approprie. Based on the work we have rforn1ed. we have not identified any material uncertainties relating to events or conditions that, individually or colleciively, may wi significant doubt on the charitable company'5 ability lo Goniinue a5 a going ¢oncern for a period of at ttyeli'e month.v from %¥hcn the financial Aatcrncn15 urc authoriAd fOr1U¢. Our r¢sponsibilities And the r¢5ponsibiliiies of the trumees with respect to going concern are des¢ribed in th¢ r¢l¢v¥nt seciions of this report. Other Information The trustees are responsible forthe other infomiation. The other information cotnpri5es the infomalion included in rhe Annual Report, other than the financial statements and our Report of the Independent Auditi)rs thereon. Our opinion on the financial statements does not cover the other infomhation and. ¢x¢¢pt to the ¢xtent otherwise explicitly stsred in our report. we do noi express any forn? of assurance conclusion thereon. In connecrion with our audii of the financial statements. our r¢spons?bility is to r¢ad the her inforniation and. in doing so. consider whether the other inforniation 15 materially incon5islent with the financial Statements or our knowledge obiained in the audit or otherwise appears to be materially misstated. If we kdenrify such tnaterial inconsistencies or apparent material mi5Statements, we ar¢ required to d¢terrnine whether this giv¢s rise io a material misstatement in the financial sthtements themselves. If, ba5¢d on the work w¢ have perfornied, we conclude that there is a material misswement of this other inforn]ation. we are required to rewTrrt that fa¢t. We hav¢ nothing io report in this regard. Matters on which we are required to report by exception W¢ liave iiviliijig tv i¥puil iti le5F£t ofdie follLiviiiL¥ i11(S wli¢r¢ Ui¢ Chariti¢s (Awunls and Repurts) Rexul¥iivns 2008 require5 US to report io you if, in our opinion.. the inforniation given in the Report of the Trustees is inconsistent in any material respect with the financial 5tatements- or Ihe ¢hariiable company has nor kept adequate accounting records- or the financial 5tatemenls are not in agreement with the accounling record5 and retttms. or we have noi received all the infonnation and explana(ions we requir¢ for our audit. Page 10
Report of the Independent Auditors lo the Trustee5 of Tor¢h Theatre Company Limited(The) Responsityilities of trustees As explained more fvlly in the Statement of Trusiees, Responsibilities, the trusiees (who are a150 the direciors of the charitable company for the purposes of company law) are responsible for the preparation of rhe fancial slarements and for being satisfied that they giv¢ a tNc and fair view. and for such internal control a5 the trustees determine is necessary to enable th¢ preparation of finaD¢i#I statements that are free from material misstatem¢nt. whether du¢ to frau¢J or error. In preparing the financial statements. the trustees are responsible for 0sse55ing ihe charitable company's ability to continue as a going concern, disclosing. as applicable. matters relared to going concern and using the going concern basis of accounting unless the trnstees either intend to liquidate ihe chariiable company or to cew operations. or have no realistic alternative but to do so. Our resPOn5ibilities for the wlldit of the finanei•l statements We hav¢ bEen appointed a5 auditors under Section 144 of the Charities Aci 2011 and report in accordan¢¢ with the Act and r¢l¢vant regulations made OT having effect thereunder. Our objectives are to obtsiA reasonable assurance about whether the financial sthtements as a whole are free from material mi5Statem¢nt, whether du¢ to fraud or error. and to issue a Report of the Independent Auditors that includes our opinion. Reasonabl¢ 455uranc¢ is a high l¢v¢l of a$5uranc¢, but is not a guarantee that an audit conducted ift accordance with ISAS (UK) will always detrft a mat¢rial misstaternent when 1¢ exists. Misstatements can arise from fraud or error and are considered material if, individually or in the a gre8ate, they could relsonably be expected to influence the econijmic decisions of users taken on the basis of these financial statements. In identifying and assessing risks of material mismaiement in respect of intgulariiies. including fraud and non-compliance with laws and regulations. we ¢onsidered the following: nature of the charity and the sector in which il operates. the legal and regulaiory framework in which the charity operates, and in particular those laws and r¢gulations thai directly .affect the financial staiemenis or have a fvndamental effect on operations eg Charities Act 2011, health and safety legislation. results of enquirie5 of management and those chaTg¢d with govcrnance any matt¢r5 identifi¢d r¢lating to the charity'5 poli¢i¢s and proccdures for identifyin8, evaluaiing and complying with laws arhd regulations. and whether there were any known instances of non complian¢¢. detecting and responding io ihe risks of fraud and whether there is any knowledge of acDJal, suspectedor alleged fraud. o the internal contro15 established ¢0 mitigate risks of frdud or non ¢omplionce with laws and regulations. As a result of performing the above. we did noi identify any key audii matters related to potential risk of fraud or non compliance with law5 and regulations. In addition to the above. our procedures in¢luded= reviewing the financial statement di105Ure5 and iesting to supporting docum¢ntation to assess cornpliancewith relevant laws and regulations enquir¢s of management and thos¢ charged with governance concerning acal and wtential litigation and claims perfoming analytical pro¢edur¢s to ideniify any unusual or unexpecied relationships that may indicate risks of material misstatement due to fraud review of minutes of committee meeiings written repres¢ntslions A further description of our responsibili(ies for the audii of ihe financial staiemenrs is located on the Financial Reporting Council's website at www.frc.org.uklaudiiorsresponsibilities. This descripiion fornis wt of our Report of the Independent Auditors. Pagell Aslimole
Report of the Independent Audltors to the Trnstees of Torch Theatre Company Limited(The) Use ol our report This report is made solely to the charitable company's trustees. as a bly. in attordance with Part 4 of the Charities (Accounfs and Reports) Regulations 2008. Ouraudit work ha5 been undertaken so that we might state io the charitable company's tTUStees those matters we are required to state io them in an auditors, rep)rt and for no other purpose. To the fullest exteni permitted by law, wt do Tjoi accept or assume responsibility to anyone other than the ¢haritable company and ihe charitable company's trusl¢e5 as a body, for our audit work. for thi% reporL or for the opinions w¢ have fornied. L4 Ashmole and Co. Chartered Cenified Accountants Statutory Auditors Eligible io act as an auditor in t¢rnis of Se¢tion 1212 of ihe Companies Act 2(K16 Williamston House 7 Goat Streei Hav¢rfordw¢st Pembrokeshire SA61 IPX Page 12 A4lirnole
Torch Th¢#tre Company LimItedhe} Stalement of Financial Activities (Incorporating Income and Expenditwre Acco¢> for the Year End 31 March 2021 31.3.21 Total funds 31.3.20 Tot41 funds Unrestricted fund Re5tricd funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies .136.335 44.755 1.181.090 596,705 Charitable activitie5 Theatre 10.203 10.203 684.690 Other trading activitie5 Investment income Other income 15.9T7 66 15,977 66 227,945 296 Total 1.162,581 44.755 1,207,336 1,517.024 EXPENDITURE ON Raising funds Raising donarions and legacies Other trading activities 1.500 1.500 11,(A6 71,686 71.686 238,541 Charitable ctivitics Theatre 138,219 934,082 .455,113 Other Toi¥l 874.070 138,219 ,012,289 1,693,654 NET INCOME/(EXPENDITURE) 288.511 {93.464) 195.047 (176,630) RECONCILIATIOIY OF FUNDS Total funds browght forward 276.174 3.686,398 3.962.572 4,139,202 TOTAL FUNDS CARRIED FORWARD . The noie5 forni part of these financial slatements Page 13 l)mole
Torch Theatre Company Limitedffhe) Cc-<-) .. *31728? Balante Sheet- Parent Company 31 March 2021 31.3.21 Total funds Jl.3.20 Total fijnds Unrestricted fund Restrided funds Notes FIXED ASSETS Tangible assets Investments 16 26 269242 3.589.734 3.858,976 10 3.970,271 10 269252 3,589.734 3,858,986 3,970,281 CURRENT ASSETS Stocks Debtors Cash at bank and in 17 18 2,682 .417 2.682 99,417 377 6,090 156.552 117687 J74 476.703 3.200 479.903 280,329 CREDITORS Amounts falling due within one year 19 (181270) (181.270) (288.038) NET CURRENT ASSETS 295 433 298 TOTAL ASSETS LESS CURRENT LIABILITIES 564.685 3.592.934 4.157.619 3,962,572 NET ASSETS FUNDS Unrestricted fvnds Restricied funds 21 564,685 276.174 TOTAL FUNDS The notes forni part of these financial s¢at¢m¢nts Page 14 contin slimole
Tor¢h Theatre Company LimitedlThe) . 17173g4 B#ln¢e Sh¢el- Consolid¢ed 31 March 2021 31.3.21 Total funds 31.3.20 Total Unr¢stric*d fvnd R¢stricted funds Noie5 FIXED ASSETS Tangible assets 16 269242 3.589,734 3,858,976 3,970,271 CVRRENT ASSETS Stocks Debtors Cash ai bank and in hand 2.682 93,417 2.682 9),417 6,090 54,365 476.703 3200 479.903 178,142 CREDITORS Amounts falling due within one year 19 (181260) (181,260) (185,841) NET CURREiwf ASSETS 44 TOTAL ASSETS LESS CURRENT LIABILITIES 564.685 3.592.934 4.157.619 3.962.572 NET A&SETS FUNDS 21 Unrestricied funds Resiricied funds 504,685 276,174 TOTAL FUNDS The charilable company is entitled to exemption from audit under Se¢tiort 477 of the Companies Aci 2006 for the year ended 31 March 2021. The member5 have noi deposiied noiice. pursuani Section 476 of the Companie5 Act 2Crf)6 requiring an audit of these financial 51atements. Th¢ irustees arknowledge th¢ir responsibililies for (a) ensuring that the rharitable company keeps accouniing records that comply with Sedion5 386 and 387 of the Companies Act 2006 and preparing financial stat¢rnents which give a tru¢ and fair view of the stale of affair5 of the charitable company as at the end of earh financial year and of its surplus or dcficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirem¢nts of the Companie5 A¢t 2006 relating to firtancial sthtements. so far as applicable to the charitable company. (b) These financial ststements have been audited under the requirements of Section 145 of the Chariiies Act 2011. The noies fim part of these finan¢ial statements Page 15 niinued... AslunL¥Ic
Toreh The*tre Company LiThited(Tb¢) Balance Sheet- coDtiTrwed 31 March 2021 These financial s¢atements have been prepared in a¢cordance with the provisions applicable io charitable compani¢5 subie¢t to the small ¢ompanies regime. The financial sthtemenis were approved by the Board of Trustees and authorised for issue on 291b September 2021 and w¢re signed on its behalf by: Cllr R Sinnert- Trustee The notes foTm parf of finar]cial statements Page 16 AslimnlL
T0h Theatre COMnY Limited(The) Cash Flow Statement for the Yt*r Ended 31 M¥r¢h 2021 31.3.21 31.3.20 Notes Cash flows frorn operating aetiviti Cash generated from operations N¢t cash provided byl(used in) operating xtivities Cash flows frnm investing activities Purchase of tangible fixed assets Interest ree¢ived (33.49)) (31.481) Net cash used ift investing activities Change in cash and tosh equiyglents in the reporting period Cash and cash equivalents at the begiDJhing of the reporting period 260,117 (45.894) Cash and cash equival¢nts at the end of tbe reporting period The notes fwn part of these financial slaiem¢nts Page 17
Toreh Theatre Compathy LimitedlThe) Notes to ihe Cash Flow Statement for the Year EThdtd 31 Mareh 2021 RECONCILJATION OF NET INCOMEI(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.21 31.3.20 Net in¢om¢l(expenditure) for the reporting period (as per th¢Si•ttmeTrt of Financial Aetivities) Adjustments for: Depreciation charges Loss on disposal of fixed assets Interest received Decrease in stocks {Increa5eydecrease in debtors Decrease in creditors 195,047 (176,630) 138273 6,521 (66) 140.982 (296) 750 27.381 {45,052) Net cash provided byl{used ITr) op¢ratioTrs ANALYSIS OF CHANGES IN NET FUP4DS At 1.4.20 Cash flow At31.3.21 Net cash Cash at bank and in hand 377 804 Tol#] The notes fonn parf of these finan¢ial ststements Page 18
Torch Theatre CompgTry Lirnited(The) Notts to the Financial Statements for the Year Ended JA Mareh 2021 ACCOUNTING POLICIES Basis of preparing the finaneial stAtements The financial statements ofthe charitsble company, whi¢h is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accouniin8 and Reporting by Charrties.. Statement of Recommend¢d Praciice applicable to charities preparing iheir accounts in accordance with the Financial Reporting Standard appli¢able in ihe UK and Republic of Irelatsd (FRS 102) (effeciive l January 2019)., Financial Reporting Standard 102 'Th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies A 2006. Th¢ fmancial stai¢ments have b¢¢n prepared under the historical cost Convention. ID¢Orn¢ All incorne is recognised in the Staiemenl of Financial A¢tiYilies once the charity has entirlement to the funds, it is probable thai the income will be received and the amounr can be measured reliably. The following 5p¢cific poli¢i¢s are applied to particular categories of income: Voluntary income received by way of grants. dona¢ions and gifts is includ¢d in full in the Statement of Financial Activities when receivable. Gran where eniitlement is not conditional on the delivery of a specific perforniance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Grants for capital purposes are includ¢d as incoming resource5 of reswicted fvnds when r¢ceived. Th¢ balance of the restricted fvnd carried fotward year is reduced by the depreciation on the grant-fund¢d elemenl of the the setsConC¢ffl¢d. Incom¢ from charitable activities is deferred when admission fees ar¢ received in advance of the performances or ¢v¢nt to which they r¢late. Donated 5¢rvices, flIttle5 and assets are included at th¢ value io the charity where this can be quantified. The value of services provid¢d by volunt¢ers has not been included in these accounts. Tax credits attTibutabl¢ to the subsidiary company under the Thearre Tax Credit are recorded a5 Other Incoming R¢59urces in the Consolidated Stsiement of Financial Acrivities. Invesffiient income is included when receivable. Expenditure Liabilities are recognised as expenditure as soon there is a kgal or tollstrucrive obligarion committing the charity to that expenditure. it is probable that a transfeT of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure 15 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be direcily attributed to particular heading5 they have be¢n allocated to activities on a b&5is consitnt with the use of resources. Allocation and apportionment of tosts Costs have been allocated as far as possibl¢ between the expenditure categories of the SOFA on a basi5 designed to reflKt the use ofth¢ rcsour¢e. Costs relating to a particular activity are allocaied directly. oiher5 have been apportioned based on the estimated usage of the resource. Costs allocated to generating voluntary incorne. being an element of administration salaries. postage and Stsiionery. and iheatre renewals have been ¢stimated using best judgern¢nt. Tartgible fixed assets Depreciation is provided ai the following annual rat¢5 in order to write off each &5set over ils estimated useful life. Freehold property Theatre refurbishment (1996- 2000) Theatre r¢developm¢nt Fixtures and fittings 2Q/• on cosi IIPh on cosl 2Qh on cosi 250/• on ¢os¢ and Iirh ort ¢ost Page 19 continued...
Torcth Theatre Company Limited¢) Notes to the Financial Statements- continued for the Year Ended 31 Mareh 2021 ACCQUNTINC POLICIES- ¢ontinued stks Stocks consist of cafe. bar artd shop stocks and are valued at the lower of cost and net realisable value. after making due allowance for obsolete and slow moving items. Taxation The charity is exempt from corporation tax on its charitsble activities. Reserves The ftnancial stat¢ments distinguish between restricted and unrestrtcted funds. The fomier are received from donors and are subjecl to restrictions on the purpose for which they may be u5¢d. Unre5trirted funds ar¢ those where there are rto externally imposed resrrictions. These include those freely availabl¢ to the ¢h#rity for expendilure or appropriation to reserves for internally designated purposes. Pertsion costs 2nd other Post-tIreMent benefits The charitable cornpany operates a defined contrtbuiion Ftnsion scheme. Contribution5 payable to the charitable ornparty's nSiOn scheme are charged to the Staiemeni of Financial Aclivities in the period to which they relate. Hire purehase and le25ing commitments Rentals paid und¢r operating leases are charged io the Stslemeni of Financial Activities a5 incurred. DONATIONS AND LEGACIES 31.3.21 31.3.20 Ans Council of Wales Pembrokeshire County Council Milford Haven Town Council Film Agency Wal¢s l Ffilm Cymru Grants Gifts and donation$ Sponsorship LED Instsllation Support (ACW) ACW Resilience Grani Covid 19 JRS Grant 'Welsh Govemmeni Covid NDR GTrnts ACW Stabilisation Grant ACW Cultural Recovery Fund ACW Fly Tower projKt Donated assets Film Hub WalBFl Covid Grant Film Hub Young Film Ambassador Grant 451 63,340 7,000 447,598 79,895 10,ffKJ 4.975 I3.[ 1,400 16.543 18.572 4.631 11.766 4245 175.087 35,(X)O 35,Cl)O 344.910 15.C(KJ 10,050 Page 20 continued...
Toreh Thtatre Cowpany Limiied(Th¢) Notes to the Finanei81 Statements- continued for tb¢ Year Ended 31 Mar¢h 2021 OTHER TRADING AcfiviTIES 31.3.21 31.3.20 Cafe sale5 Bar sales Shop sales Telephone mast rental 110.528 42.&59 58.651 INVESTMENT INCOME 31.3.21 31.3.20 Deposit account interest Th¢ ¢harity'S iAvesiment in¢orn¢ arises wholly from interest bearing deposits. INCOME FROM CHARITABLE A1VrIEs 31.321 31.3.20 Activity Theatre Theatre Theatre Theatre Theatre Theatre Theatre Theatre Theatre Films Youth iheaire and education Hire of theatre Sales of programmes elc. Technical hire Sei ¢onstruclion Sundry theatre in¢ome 3.755 314,978 281,075 20,667 26242 5.664 11.193 13,7(AS 4.999 280 50 OTHER INCOME Eniitlement to Theatre Tax Credits £nil (2020- £7388). RAISING DONATIONS AND LEGACIES 31.3.21 31.3.20 Administration expenses Support costs 1,500 1.500 P4ge21 ¢onlinu
Tor¢h Theatrt COMnY Limited(The) Notes to the Financial Statemettts- eontithu¢d for the Year Ended 31 Mar¢h 2021 OTHER TRADING AcfiviTIES 31.3.21 31.3.20 Purchases Staff costs Equipment repairs and renewals Other direct costs Depreciaiion 3,598 108.567 103.7(hl 4,153 8,993 7,219 3.997 CHARIT ABLE ACTIVITIES COSTS Support Costs (see noie 10) Totsls Theatre io. SUPPORT COSTS Manag¢m¢ni Gov¢rnan¢e 05ts Totals Raising donations and lega¢ie$ Theatre 15.362 15,362 NET INCOMEI(EXPENDITURE) Nel inComleXpendl¢ur¢) is ststed 4ft¢r ¢hargingl(crediting)-. 31.3.21 31.3.2 Audiiors. remuneration Audiiors. remuneration for non audit work Depr¢ciaiion - owned assets Deficit on disposal of fixed LWLS 2.500 2.860 138273 2.400 2.543 140.981 Page 22 ¢oniinued...
Torch Thutre Company Limited(fhe) Nottt to the Fin#nei#l Stat¢meTrts- continued for the Year Ended 31 Mareh 2021 12. TRUSTEES. REMUNERATION AND BENEFITS Trustees are not remunerated. No tnS received any remuneration during the y¢ar (2020- nil). Trustees. ¢xpenses There were no trustees. expmses paid for the year ended 31 March 2021 nor for the year ended 31 Mtrch 2020. J3. STAFF COSTS 31.321 31.320 Wages and salaries Social security costs Other pension costs 558.518 30.233 691.662 34.741 The average monthly number of employees during the year was as follow5: 31.3.21 31.3.20 34 Theatre and facilities Publicity Administration No ¢mploye¢s'rettived emoluments in excess of £60.000. Staff costs above include perforniers and theatre personnel engaged on a contract basis as well as pernianeTht Staff. Employee numbers reflect the average monthly head count of casual and perm2nenc staff which equates to an estimated 21 full-iime equivalent staff. 14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestrictrd fund Restricted nds Total funds INCOME AND ENDOWMENTS FROM Donations and l¢gacies 561.591 35.114 596,705 Ch8ritable activities Theatre 684,69) Other trading activities Investment income Other income 227.945 296 227.945 296 Total EXPENDITURE ON R4i5ing funds Raising donations and legacies 11.646 11.646 Page 23 Continu 451ni)lL
Torch Thetre Comp4Ay LimItedh¢) Notes to the Financial Sttements- continued for the Year Ended 31 March 2021 14. COMPARATIVLS FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued Unded Restricted fijnd funds Total nds Other trading activities 226 238,541 238.541 Charitable aetivities Theatr¢ l J27.120 127.993 1,455.113 Total .565.661 127,993 1,693,654 NET INCOMEI(EXPENDITURE) (83.751) (92,879) (176,630) RECONCILIATION OF FUNDS Total brought (orwgrd 359.925 3.779.277 4,139,202 TOTAL FUNDS CARRIED FORWARD 15. TAXATION A5 a registered chprity, Torch Theatre Company Ltd is exempt from tax on income and gains. No tax charges have arisen on ihe charity. The Trading Subsidiary is entitled to Thearre Tax Crlts which is r¢fl¢cted as Oiher Incoming Resources in the Consolidated Stsiement of financial activitie5 in the Sum of £nil (2020- £7.388). Page 24 ¢oniinued...
Torch Theatr¢ Company Limited(fhe) Notes to the Financial Statements- conlinued for the Ye*r Ended 31 March 2021 16. TANGIBLE FIXED ASSETS Theatr¢ refiJrbishm¢nt FixDores and rittings Freehold Property (1996 2000) Thearre redevelopment Tota15 COST At l April 2020 Additions Diswjsals 28270 4,63&( .474.680 33,499 6,548,827 33.499 At 31 March 2021 1414928 489 075 DEPRECIA TION At l April 2020 Charge for year EliminJted ort disposal 139.737 8.156 1,088,452 91762 1.322,097 37.355 2,578,556 138,273 Ai 31 March 2021 14 1272 722 263009 NET BOOK VALUE At 31 March 2021 At 31 Mah 2020 All fixed setS are used in dicl furtherance of the charities objects. Detarls of the restricted fund relating to the theatre building and re-development )r¢ given in not¢ 25. Legal charges have been registered over the theatre EIlding by the Arfs Council of Wales. All Group Fixed Assets belong io the parent company. The subsidiary company h85 no Fixed.Assets. 17. STOCKS 31.3.21 31.3.20 Stocks All siocks belong io ihe parent company. Page 25 continued... .4slimL)le
Torch Theatre Company Limitedffhe) Notes to the Financial Ststements- eoAtinued for th¢ Y¢ar Ended 31 Mareh 2021 18. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.321 31.3.20 31.3.21 31.3.20 Group 41,476 16T2 Group 35.826 1&539 Charity 41,476 Z2.6T2 Charity 138,013 18.539 Other debtors Prepayments and a¢¢Tued income VAT 19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.21 31.3.20 Jl.3.20 Group Group Ch•rity Charity VAT Advance Teceipts Deferied in¢ome Sundry crediiois and accTuals 45.788 10,559 124 923 78,903 8,028 45,788 10.559 78,903 8,028 Included in sundry creditors and accruals are amounts owing for social security and other taxes of £10.731 (2020- £10.959). 20. LEASING AGREEMENTS Minimum lease payments under non-cancellable operaiing leases fall due as follows: 31.321 31.3.20 With1 one year Betsvttn one and five years 5,271 5,271 Page 26 conlinued... .IslimolL
Torch Theatre Comp¥4ny Limi¢ed(Th¢) Notes to the Financial Statements- continued for the Yegr Ended 31 March 2021 21. MOVEMENT IN FUNDS Net rntsvernent in funds At 31.3.21 At 1.4.20 Unrtstrieted funds General fund 276,174 288.511 564,685 Restrxcted funds Resiricied funds 3.686,398 {93,464) 3.592,934 TOTAL FUNDS Net movemeni in funds. in¢luded in the above are as follows". Incoming T¢sour Resources expended in fund5 Unrestricted funds General fvnd 1.161581 (874.070) 288,511 Restricted fund5 Restricted funds 44.755 (138,219) 193,464) TOTAL FUNDS Comparntives for movement in funds Net movemeftt in funds At 31.3.20 Atl.4.19 Vnrestricted funds G¢n¢rdl fi]nd 359,915 (83,751) 276.174 Restrlcted funds Restricted fijnds 3.779.277 (92.879) 3.686.398 TOTAL FUNDS Page 27 Continued...
Torch Theatre Company Limitedkne) Notes to the Financial St¥4tements- conlinued ror the Year Ended 31 M*rch 2021 21. MOVEMENT IN FUTrIDS- eontinued Comparative net movement in fimd%, included in the above are as follows.. Incoming resources Resources expended Movem¢nt in fvnds Unrestricted IndS General fund .481,910 (1.565.661} (83,751) Rtstricted funds Restricted fund5 35.114 (127.993) (92,879) TiyfAL FUNDS A current year 12 monihs and prior year 12 month5 combined posilion is follows.. Nei movement in funds Ai 31.3.21 At 1.4.19 Unrestricted funds General fvnd 359.925 204,760 564.685 Restricted fu5 R¢$tri¢t¢d funds 3.779,277 (186.343) 3,592,934 TOTAL FUNDS A current year 12 months and prior year 12 rnonths combined net movemenl in fvnds, included in the above are as follows.. Incoming resources Resources expended in funds Unrestricted funds General fund IfA4.491 (2.439.731) 204.760 Restricted funds Restricted funds (266.212) (186.343) TOTAL FUNDS Full details of restricted funds are provided at note 25. Page 28 ¢ontinued_ As1]molc
Torch Theatr¢ Cowp*ny Limit¢d(The) Notes to the Financial Ststements- continued for the Year Ended 31 Mareb 2021 22. RELATED PARTY DISCLOSURLS Torch Theatre Produetion Company Llmlted During the year. the Charity made sales of £nil (2020- £109.575) and purCheS of £nil {2020- £102.187) tolfrom its IOIP/fj wholly owned subsidiary. Ai the year-end dat< ihe trading subsidiary owed the Charity the sum of £nil (2020 £7J88}. FRC ETHICAL STANDARD- PROVISIONS AVAILABLE FOR SMALL ENTITIES In wmmon with many other businesxs of our size and nature we use our auditors io prepare and submit reDJms to the tax authorities and &55iSt with the preparation of th¢ f]nancial ststements. 24. POST BALANCE SHEET EVENTS As a result of the Covid-19 pandemi¢. the closure of th¢ Torth Theatre continued into ihe 2021r22 financial year in line with government requirements, with a sta0¢1ed re-opening of the ih¢atre in September 2021. During this time grdnt income has contiT]ued at the an¢tGipaied level and in addition the Torch Theatre has received further financial support frotn the Welsh Governm¢DL Arts Council of Wales, Film Hub Wal&BFI and also utilised the Coronavirus Job R¢tention Scheme. These financi21 statemenis are prepared on a going concem basis. Despite Covid-19 the trustees have a reasonable expectation ihat the entiry will continue in opeNional existence for the foreseeable futyre. 25. RESTRICTED FUNDS BalatKe as al 1.04.20 Movemenl in Year Balance a5 at31.03.21 Capital Reserv¢ (Main Theatre) Capi¢al Re-development Fund Capital Reserve (Studio Theatr¢) Film Hub Wales Young Film Ambassador Grartl 101.103 3J28.4JJ 56.875 -(3,757) (91.407) (1.5(X)) 97J46 3,437,013 55.375 IRe in Theatre The fr¢¢hold of the T0h Theatre was conveyed io the company by Preseli Pembrokeshire Disrrict Council on 23rd January 1991 for ihe consideration of £1. The property was valued by Messrs Glyn Davie5 & Co. at £180,000 in January 1991 and ha5 been incorpornled into the flnancial statements at that figure. the 5UTplus being credited to a capital reserve. Following the introduclion of FRS15 th¢ trus¢¢es de¢ided to depreciate the freehold over a period of 50 years on a straight line basis. This results in a depreciation ¢harge of £3.757 per annum. The balance remairting on this fund is £97.346 (2020- £101.103). Page 29 continued... A511mi>le &Co.
Toreh The4tr¢ Compoy Limitedcfhe) Nott5 to the Financial Ststem¢nts- Continued lorthe Year EThd 31 March 2021 25. RESTRICTED FUNDS- continued ital Re-devel ent Fund During the three years to March 2009. Ihe theatre was completely r¢-developed. Further capital improvem¢nts have been made in subsequent years. This eapithl expendilure is being depreciated over a period of10 years (fixtures and equipment) or 50 y¢ar5 (buildings). The grants and donations received for the restricted purpose of the iheatre's re- developm¢nt h¥ve been treated as a restricted fund in accordance with the Ststement of Recommended Practice and are reduced by the depreciation charge in rEspect of the re41evelopment costs. The balance remaining on this fund is £3,437,013 (2020- £3.528,420). ital Reserve Studio Theatre As part of the re.develtspmeni. the charity acquired the freehold of an adjoining prop¢Tty which house5 the new studio Iheatre. Part of ihe value of the property (valued at £75.000) was donaled by Pembrok¢5hire County council creating a further capital reserve. The property is being drecIa[ed over 50 year5 on a Strdight line basi5 resulting in a depreciation charge relating io the gift of £1.500 per annum. The balance remaining on this fund is £55,375 (2020 - £56,875). Film Hub Wale un Film Am assador rant During the year rhe charity received a Film Hub Wales Young Filrn Ambassador Grant of £3.200. Due to Covid restrictions ihis project could not be undertaken and these funds are carried forward to the next accounting period to be utilised for this purpose.The balance remaining on this fund is £3.200 (2020- nil). 26. suIDIARy UNDERTAKINGS The Charity holds the enlire issued shar¢ ¢apital of 10 Ordinary shares of £1 each in Torch Theatre production Company limited. a company incorporated in England and Wal¢s. Company number 09287683. The Charity acquired the Trdding subsidiary on 30th Cktober 2014. The Torch Th¢atre Produttion Company undertakes the commercial production of theatrical performances_ A summary of the trading rcsults are shown below. Summary profit and loss acrount: Year Ended 31.3.21 Year Ended 31.3.20 Incom¢ Cost of sales 102.187 Profil or (Loss) on ordinary activili¢s befoTe iaxaiion Tax credit 17.388) Profit for the financial period The a55ets and liabilities of the subsidiry were: Cuent assets Creditors 10 109,585 Aggregate share capital and reserves Page 30 .4slunolL